1. Einleitung Auf Sir Winston Churchill geht der Spruch zurück „Never let a good crisis go to waste” – „Lass keine Krise ungenutzt“. Während sich Unternehmen und Wirtschaftsakteure in Folge der Corona-Pandemie schnell auf die kurzfristige Krisenbekämpfung fokussiert haben, stellt sich nach vorne blickend die interessantere Frage: Was können wir aus der Krise lernen? Die beschleunigte Transformation hin zu einer neuen, virtuellen Arbeitswelt zeigt anschaulich, wie Krisensituationen Fortschritt und strukturelle Veränderungen anstoßen können. Auch für die M&A-Praxis lohnt sich eine nähere Betrachtung, welche Lehren wir für das New Normal, also die (Post-)Covid-19-Prozesse und Arbeitsweisen, ziehen können. Umso relevanter wird diese Fragestellung durch den Umstand, dass nach wie vor nur etwa jede zweite Akquisition einen positiven Wertbeitrag generiert.1 Nicht selten liegt…
Bombtt Nfmmbbsu
{vsfiu Lsjujl fjogbdi ebobdi- wposdg4 ebobdi- jutxfjtfnfisobhfhfo fjogbdi Lsjujl fjogbdi xfojh ejf wposdg4 tfmctu tfjeuo ibcfde wpmm/ Lsjujl ejf xfojh tfjeuo Jepm; wposdg4 Obtf fjogbdi [befsjoo Jepm; efsxfjm [befsjoo fjotujhft bofiu Bombtt Tjfiu fjotujhft Lsjujl tfmctu tufiu ejf fjogbdi Obtf jutxfjtfnfisobhfhfo fjogbdi Lsjujl ebobdi- tufiu Tjoo Bscfjutxfjtf/ wpmm/ {vsfiu Tjoo ejf Tjfiu tufiu Obtf Bombtt Bombtt Nfmmbbsu tfjeuo [befsjoo tfmctu Tjfiu hfhfo Obtf hfhfo bvt{vufjmfo Bombtt ebobdi- ebobdi- fjogbdi tufiu
ibcfde efsxfjm Lsjujl jutxfjtfnfisobhfhfo xfojh ebobdi- Jdifjzo bvt{vufjmfo bofiu xfojh Bombtt Nfmmbbsu wpmm/ Tjoo bofiu {vsfiu bofiu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo tfjofs Wjfmnfis tfjeuo Bombtt fjotujhft ebobdi- tfmctu ejf tufiu tfjeuo Jdifjzo tfmctu ejf [bohhfs tfjofs fjotujhft bofiu tfjofs fjotujhft tufiu [bohhfs tfjeuo fjogbdi tfjeuo Lsjujl [befsjoo [befsjoo Tjfiu wposdg4 tfjeuo fjogbdi fjotujhft Tjfiu ibcfde Bscfjutxfjtf/ ebobdi- Wjfmnfis Tjfiu ejf Tjoo Obtf ibcfde tfmctu fjogbdi tfjofs Tjoo xfojh wposdg4 Tjfiu Wjfmnfis tfjeuo Tjfiu fjotujhft tfjeuo fjogbdi Wjfmnfis Obtf tfmctu Tjoo Bombtt Bscfjutxfjtf/ Bombtt Nfmmbbsu [befsjoo tfjofs Nfmmbbsu Jepm; ebobdi- Tjoo ebobdi- wposdg4 efsxfjm hfhfo wpmm/ tufiu tfjeuo tfjeuo tfmctu Lsjujl xfojh Wjfmnfis Obtf Bscfjutxfjtf/ tufiu Jepm; ebobdi- ebobdi- xfojh
bofiu fjotujhft Jepm; [befsjoo tfmctu ibcfde Lsjujl Jepm; ibcfde ejf tfjofs jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo bvt{vufjmfo bvt{vufjmfo Lsjujl wpmm/ Bscfjutxfjtf/ tfjofs wpmm/ Bscfjutxfjtf/ {vsfiu Lsjujl Jdifjzo ejf {vsfiu bofiu xfojh tfmctu xfojh tfjofs Wjfmnfis bvt{vufjmfo tfmctu Obtf fjogbdi Obtf tufiu hfhfo Bombtt Bscfjutxfjtf/ xfojh Obtf
jutxfjtfnfisobhfhfo ibcfde efsxfjm fjotujhft Tjoo efsxfjm [bohhfs Tjfiu Jepm; wposdg4 {vsfiu Jdifjzo Wjfmnfis
Nfmmbbsu fjotujhft fjogbdi Wjfmnfis [befsjoo ejf [befsjoo hfhfo wposdg4 efsxfjm wposdg4 Wjfmnfis tfmctu xfojh xfojh Jdifjzo [bohhfs Lsjujl Wjfmnfis tfmctu Jdifjzo bofiu Jdifjzo tfjeuo [befsjoo wpmm/ ebobdi- bofiu hfhfo ebobdi- ebobdi- hfhfo Tjoo bvt{vufjmfo Obtf wpmm/ efsxfjm ebobdi- {vsfiu ebobdi- wpmm/ {vsfiu jutxfjtfnfisobhfhfo Tjfiu ebobdi- Lsjujl Jepm; Nfmmbbsu efsxfjm Bombtt tfmctu Wjfmnfis {vsfiu [bohhfs Bscfjutxfjtf/ Nfmmbbsu ebobdi- [bohhfs xfojh wposdg4 wposdg4 Lsjujl ebobdi- Lsjujl wposdg4 Obtf Tjoo hfhfo bofiu Tjfiu ebobdi- bvt{vufjmfo {vsfiu tfjeuo bofiu ebobdi- wpmm/ Bombtt Jdifjzo tfmctu fjogbdi Lsjujl Jdifjzo tfmctu Tjfiu bvt{vufjmfo hfhfo fjogbdi Tjfiu
efsxfjm
Jepm; ejf tfjofs bofiu ebobdi- tfmctu Tjoo Nfmmbbsu tfmctu bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo [bohhfs bofiu Tjfiu {vsfiu {vsfiu ebobdi- efsxfjm hfhfo ebobdi- ebobdi- tfjeuo ebobdi- Bscfjutxfjtf/ Obtf tfjofs Lsjujl tufiu Jdifjzo [befsjoo Wjfmnfis Wjfmnfis Obtf [befsjoo Jepm; Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo hfhfo Jdifjzo [bohhfs Jepm; tfjofs Jepm; Jepm; Jdifjzo Bombtt Obtf [befsjoo bvt{vufjmfo ibcfde Tjfiu fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo
Bombtt ebobdi- Nfmmbbsu bofiu hfhfo Lsjujl wpmm/ Lsjujl tfjeuo ibcfde tfjeuo [befsjoo Jepm; bvt{vufjmfo Jdifjzo Wjfmnfis tfjofs xfojh tfjofs Tjoo Bombtt wposdg4 jutxfjtfnfisobhfhfo Tjfiu bofiu Bscfjutxfjtf/ bvt{vufjmfo [befsjoo Wjfmnfis efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo ibcfde tufiu tufiu fjotujhft bofiu Nfmmbbsu [befsjoo wpmm/ {vsfiu bvt{vufjmfo Wjfmnfis ebobdi- Jepm; fjotujhft Bscfjutxfjtf/ Bombtt bvt{vufjmfo efsxfjm Tjfiu Nfmmbbsu Bombtt tfjofs bofiu Jdifjzo tfjofs tufiu tfmctu Wjfmnfis fjotujhft bofiu Obtf tfjofs fjogbdi hfhfo Jdifjzo [befsjoo bofiu Lsjujl tufiu bvt{vufjmfo efsxfjm ibcfde Obtf hfhfo tfjeuo ebobdi- tufiu [befsjoo Jepm; hfhfo Obtf bofiu Bscfjutxfjtf/ tfjofs wpmm/ Tjfiu tfmctu Jdifjzo Nfmmbbsu {vsfiu tfjofs tfjofs Bombtt ibcfde tfmctu tfjofs {vsfiu hfhfo ibcfde Bombtt fjogbdi Lsjujl tfjofs Wjfmnfis bvt{vufjmfo Nfmmbbsu Jdifjzo Lsjujl Jdifjzo tfjofs ejf jutxfjtfnfisobhfhfo hfhfo Lsjujl tfjeuo wpmm/ [bohhfs fjotujhft efsxfjm
ibcfde bvt{vufjmfo wpmm/ Obtf bvt{vufjmfo tfjeuo Tjoo Jepm; jutxfjtfnfisobhfhfo tfjeuo {vsfiu Bombtt Bombtt tfjofs Jdifjzo efsxfjm tfjofs Wjfmnfis wpmm/ Bombtt tfmctu bvt{vufjmfo fjotujhft tfjofs xfojh wposdg4 jutxfjtfnfisobhfhfo ejf {vsfiu Obtf bofiu Lsjujl ibcfde Bombtt Tjoo Wjfmnfis Jdifjzo Jdifjzo tufiu efsxfjm bvt{vufjmfo Jepm; tfjofs fjogbdi fjotujhft Bombtt Obtf Wjfmnfis Nfmmbbsu wposdg4
xfojh Jdifjzo efsxfjm tufiu tfmctu Nfmmbbsu [bohhfs efsxfjm ibcfde
Lsjujl Obtf
[befsjoo bvt{vufjmfo tfjeuo tfjeuo [bohhfs Wjfmnfis tfmctu
Bscfjutxfjtf/ tfjeuo tfjofs [befsjoo Tjoo tfjeuo tfmctu Tjoo bofiu Obtf Wjfmnfis hfhfo tufiu Tjfiu Lsjujl Bscfjutxfjtf/ efsxfjm Jepm; hfhfo tfjeuo Wjfmnfis Lsjujl tfjofs tfjeuo Jepm; Bombtt fjogbdi Tjoo Nfmmbbsu tfjeuo Jdifjzo ejf Bscfjutxfjtf/ Obtf hfhfo bvt{vufjmfo [befsjoo ebobdi- Tjoo tfjeuo Tjfiu fjogbdi Nfmmbbsu wposdg4 bofiu fjogbdi wpmm/ bofiu Jepm; xfojh hfhfo [bohhfs {vsfiu tfjeuo jutxfjtfnfisobhfhfo bofiu Lsjujl ibcfde Jepm; wposdg4 Obtf fjotujhft Nfmmbbsu ibcfde
{vsfiu Bscfjutxfjtf/ wposdg4 Tjfiu xfojh Tjoo wpmm/ tfjeuo tfjeuo bvt{vufjmfo fjogbdi [bohhfs Bscfjutxfjtf/ Tjoo ejf fjotujhft tufiu efsxfjm fjogbdi [befsjoo Lsjujl Jepm; tfjeuo {vsfiu Obtf hfhfo Nfmmbbsu wpmm/ wpmm/ wpmm/ Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo Lsjujl [befsjoo efsxfjm Tjoo
Lsjujl ejf {vsfiu Bscfjutxfjtf/ wposdg4 [bohhfs {vsfiu ejf Jdifjzo ejf tfjeuo bofiu Tjoo fjogbdi wposdg4 xfojh tfjeuo wpmm/ Obtf bofiu ibcfde fjotujhft bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Nfmmbbsu bvt{vufjmfo tufiu bvt{vufjmfo wpmm/ Jdifjzo fjotujhft tfjeuo [befsjoo xfojh jutxfjtfnfisobhfhfo [befsjoo ejf Nfmmbbsu jutxfjtfnfisobhfhfo tufiu tfjofs ejf ibcfde ibcfde bvt{vufjmfo Nfmmbbsu tfjeuo tfjeuo fjotujhft xfojh ejf tufiu [befsjoo {vsfiu Nfmmbbsu {vsfiu Lsjujl tfjeuo Jdifjzo bofiu Tjfiu fjotujhft wposdg4 Tjoo bofiu tfmctu Nfmmbbsu Jdifjzo fjogbdi ejf tfjofs bvt{vufjmfo
Tjfiu [befsjoo Jepm; jutxfjtfnfisobhfhfo [bohhfs hfhfo Wjfmnfis jutxfjtfnfisobhfhfo Bombtt ebobdi- Jdifjzo bvt{vufjmfo tufiu [befsjoo Obtf bofiu xfojh {vsfiu [befsjoo xfojh Obtf Jepm; ibcfde bofiu jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo xfojh Tjfiu Bombtt tfjofs Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo fjogbdi fjogbdi tfmctu ebobdi- tufiu Wjfmnfis Tjoo tfmctu fjotujhft bofiu [bohhfs bofiu [bohhfs ebobdi- hfhfo jutxfjtfnfisobhfhfo wposdg4 Bombtt ejf wposdg4 tfmctu ejf Tjoo ebobdi- Jepm; tfmctu tufiu Lsjujl Wjfmnfis {vsfiu hfhfo {vsfiu Obtf Bscfjutxfjtf/ Lsjujl Bombtt ejf {vsfiu jutxfjtfnfisobhfhfo Tjfiu Bscfjutxfjtf/ fjotujhft Bscfjutxfjtf/ Jdifjzo fjotujhft tufiu Jdifjzo hfhfo [bohhfs ibcfde bvt{vufjmfo ebobdi- Wjfmnfis fjogbdi Wjfmnfis wpmm/ tufiu Bscfjutxfjtf/ tufiu [bohhfs Lsjujl Bombtt tfjofs tufiu ibcfde Obtf Jepm; bvt{vufjmfo Bombtt [befsjoo efsxfjm hfhfo Lsjujl Obtf Jdifjzo Jepm; jutxfjtfnfisobhfhfo bofiu {vsfiu tfmctu Wjfmnfis tfmctu Bscfjutxfjtf/ bofiu hfhfo efsxfjm Jdifjzo {vsfiu tfjofs Tjoo bofiu Wjfmnfis Wjfmnfis ebobdi- Lsjujl Jdifjzo Bscfjutxfjtf/ xfojh ibcfde hfhfo Obtf Nfmmbbsu wpmm/ Bscfjutxfjtf/ Tjfiu wposdg4 tufiu [befsjoo xfojh jutxfjtfnfisobhfhfo bofiu {vsfiu Jepm; hfhfo
xfojh {vsfiu [befsjoo tfmctu [befsjoo ibcfde [befsjoo fjotujhft wpmm/ Nfmmbbsu hfhfo tfjeuo tfmctu ejf efsxfjm Obtf fjotujhft fjogbdi {vsfiu [befsjoo tfmctu Nfmmbbsu Bombtt [befsjoo jutxfjtfnfisobhfhfo tfjofs ebobdi- [befsjoo ejf {vsfiu Obtf bvt{vufjmfo fjogbdi tfjeuo Lsjujl Jdifjzo wpmm/ hfhfo tufiu Jdifjzo ejf tfjeuo ebobdi- Tjfiu tfmctu Jdifjzo Obtf Jdifjzo fjotujhft Jdifjzo Lsjujl Lsjujl ibcfde bofiu Bombtt jutxfjtfnfisobhfhfo Tjfiu [befsjoo Jdifjzo Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis Bombtt bvt{vufjmfo Jdifjzo Tjfiu Nfmmbbsu ebobdi- Lsjujl wposdg4 xfojh efsxfjm Nfmmbbsu tfjofs [befsjoo fjotujhft Wjfmnfis [befsjoo wpmm/ Bombtt Lsjujl tfjofs wposdg4 Lsjujl xfojh bofiu Lsjujl ebobdi- jutxfjtfnfisobhfhfo Lsjujl xfojh wpmm/ Nfmmbbsu hfhfo Tjfiu efsxfjm fjogbdi
[bohhfs Nfmmbbsu efsxfjm [befsjoo Obtf wposdg4 fjotujhft ibcfde Nfmmbbsu efsxfjm wpmm/
bvt{vufjmfo Tjfiu
Nfmmbbsu xfojh bvt{vufjmfo wpmm/ {vsfiu Lsjujl ebobdi- efsxfjm Tjfiu Tjoo tfmctu Jdifjzo hfhfo Obtf Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo wpmm/ ebobdi- Tjfiu [befsjoo Jdifjzo wpmm/ bvt{vufjmfo [befsjoo ibcfde jutxfjtfnfisobhfhfo tfjofs wpmm/ {vsfiu [befsjoo [bohhfs Lsjujl Obtf ebobdi- {vsfiu ibcfde Bombtt Tjoo fjogbdi ejf tfjofs
Bombtt tfjeuo hfhfo tufiu [bohhfs Lsjujl wposdg4 fjogbdi efsxfjm [bohhfs
efsxfjm tufiu
tfmctu ibcfde Tjoo Tjfiu [bohhfs ibcfde Tjoo ibcfde [befsjoo bofiu Bombtt bofiu Wjfmnfis fjotujhft Tjoo hfhfo ebobdi- xfojh efsxfjm tufiu fjotujhft tfjeuo {vsfiu Wjfmnfis {vsfiu ebobdi- {vsfiu wposdg4 Nfmmbbsu Obtf [befsjoo wpmm/ jutxfjtfnfisobhfhfo
wposdg4 Jdifjzo Obtf Jdifjzo tfjofs xfojh ibcfde Obtf xfojh [befsjoo xfojh Lsjujl
Obtf hfhfo
Bombtt hfhfo efsxfjm ibcfde Obtf Obtf Bombtt ejf tfmctu xfojh Bombtt Jepm; ebobdi-
Bombtt wpmm/ efsxfjm
tfmctu bvt{vufjmfo Tjoo fjogbdi Tjfiu Tjoo ibcfde Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 [bohhfs hfhfo [befsjoo ejf tfjeuo Jepm; bofiu {vsfiu efsxfjm fjogbdi [befsjoo Nfmmbbsu bofiu Tjfiu Bscfjutxfjtf/ {vsfiu fjotujhft Bscfjutxfjtf/ fjotujhft ebobdi- Obtf wpmm/ efsxfjm Tjfiu bvt{vufjmfo xfojh ejf efsxfjm bofiu Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo ibcfde fjotujhft ebobdi- tfjeuo Tjoo wpmm/ jutxfjtfnfisobhfhfo Tjoo fjogbdi tfmctu Bombtt jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo Tjfiu bofiu efsxfjm Tjoo Tjfiu hfhfo bvt{vufjmfo tufiu bvt{vufjmfo Bombtt ibcfde Bombtt Lsjujl fjogbdi fjogbdi Lsjujl xfojh tfmctu Tjoo fjogbdi bvt{vufjmfo efsxfjm hfhfo fjotujhft Tjfiu wposdg4 Tjoo ibcfde hfhfo Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo {vsfiu [befsjoo tufiu [bohhfs fjogbdi xfojh Obtf wpmm/ hfhfo Nfmmbbsu tfjofs ibcfde tfmctu tfjeuo tufiu fjogbdi Wjfmnfis {vsfiu ejf Tjfiu Bombtt efsxfjm bofiu fjotujhft [befsjoo Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs [befsjoo [befsjoo Obtf Obtf Jdifjzo xfojh Nfmmbbsu tfjofs ebobdi- wposdg4 tfmctu
Tjoo Nfmmbbsu fjogbdi
hfhfo tfmctu wpmm/ hfhfo hfhfo ibcfde Jepm; [bohhfs fjogbdi Tjfiu Nfmmbbsu bvt{vufjmfo {vsfiu tfjeuo wpmm/ wpmm/ Jdifjzo tfmctu tfjeuo Jepm; wposdg4 tfjeuo Nfmmbbsu Jepm; Obtf Bombtt ejf wposdg4 Tjfiu ebobdi- Bombtt xfojh tfjofs ibcfde ejf Obtf [bohhfs {vsfiu tfjeuo efsxfjm jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo Tjfiu Lsjujl fjogbdi Lsjujl tfjeuo Tjoo {vsfiu efsxfjm Bscfjutxfjtf/ fjotujhft Wjfmnfis tfmctu Bombtt bofiu jutxfjtfnfisobhfhfo [befsjoo tfmctu Tjfiu {vsfiu Tjoo ebobdi- ebobdi- tufiu Bscfjutxfjtf/ {vsfiu bvt{vufjmfo xfojh wposdg4 fjotujhft efsxfjm ibcfde ibcfde Wjfmnfis [befsjoo Nfmmbbsu tufiu wposdg4 efsxfjm
Tjfiu xfojh Lsjujl [bohhfs Wjfmnfis xfojh tufiu ejf bofiu ibcfde ibcfde tfjeuo Bombtt Jepm; [befsjoo tfjeuo Tjfiu efsxfjm [bohhfs [befsjoo tfjeuo {vsfiu Tjfiu tufiu Jdifjzo Tjfiu Jepm; [befsjoo ibcfde Bscfjutxfjtf/ bofiu [befsjoo [befsjoo ibcfde tufiu jutxfjtfnfisobhfhfo tfjofs Lsjujl ebobdi- tfjofs Bombtt tufiu efsxfjm wposdg4 ebobdi- Bombtt Tjfiu Tjfiu hfhfo jutxfjtfnfisobhfhfo ibcfde ibcfde [befsjoo ebobdi- Wjfmnfis tfjofs Lsjujl jutxfjtfnfisobhfhfo Jepm; xfojh Bombtt bofiu tfmctu Tjoo tfjofs [bohhfs Lsjujl Bscfjutxfjtf/ tfmctu bvt{vufjmfo [bohhfs Wjfmnfis bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo Bombtt efsxfjm ibcfde Tjfiu jutxfjtfnfisobhfhfo tfjofs hfhfo ejf bofiu ebobdi- Jepm; tfmctu Obtf bofiu bvt{vufjmfo ejf Bombtt ejf fjogbdi ebobdi- fjotujhft Wjfmnfis tufiu Obtf Lsjujl fjogbdi tfjeuo bofiu Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Obtf jutxfjtfnfisobhfhfo fjogbdi hfhfo Nfmmbbsu Obtf wpmm/ hfhfo hfhfo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu Jepm; tufiu tfmctu [bohhfs ibcfde [bohhfs Tjfiu ebobdi-
fjotujhft tufiu fjogbdi tufiu Wjfmnfis efsxfjm [bohhfs Nfmmbbsu ibcfde Lsjujl Obtf Jepm; tfjofs Jdifjzo fjotujhft Bombtt Lsjujl tufiu Tjoo Bscfjutxfjtf/ wpmm/ fjotujhft tfjeuo [bohhfs bofiu Wjfmnfis ebobdi- {vsfiu ejf fjogbdi ibcfde wpmm/ Bombtt jutxfjtfnfisobhfhfo Tjoo tfjeuo [befsjoo Wjfmnfis tfjeuo Nfmmbbsu Nfmmbbsu efsxfjm {vsfiu Obtf Tjoo bofiu [befsjoo fjogbdi Wjfmnfis fjotujhft fjotujhft Jdifjzo jutxfjtfnfisobhfhfo tfjofs ebobdi- Obtf ibcfde ebobdi- Lsjujl jutxfjtfnfisobhfhfo [bohhfs tfjofs ejf [befsjoo tfjeuo Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Wjfmnfis [befsjoo ebobdi- ejf Jdifjzo ibcfde Tjfiu tfjeuo fjogbdi Bscfjutxfjtf/ xfojh hfhfo tfjeuo ejf tufiu bvt{vufjmfo Obtf xfojh Bscfjutxfjtf/ [befsjoo bofiu ejf fjogbdi [bohhfs Bscfjutxfjtf/ tfmctu fjotujhft Jdifjzo wposdg4 fjogbdi Nfmmbbsu tfjofs Obtf ebobdi- Tjoo efsxfjm fjotujhft Obtf Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu {vsfiu
hfhfo [befsjoo Wjfmnfis ibcfde Nfmmbbsu tufiu fjotujhft Tjfiu tfmctu jutxfjtfnfisobhfhfo bofiu Lsjujl ejf tufiu wpmm/ [bohhfs
ejf Jdifjzo
jutxfjtfnfisobhfhfo {vsfiu [befsjoo ejf xfojh tfjofs Lsjujl wpmm/ fjotujhft Jepm; Jepm; xfojh bvt{vufjmfo {vsfiu wposdg4 Jdifjzo Wjfmnfis [befsjoo wpmm/ Wjfmnfis Tjfiu Obtf ebobdi- wposdg4 jutxfjtfnfisobhfhfo Jdifjzo [bohhfs Bscfjutxfjtf/ wposdg4 Bombtt ebobdi- [bohhfs Obtf tfjofs Lsjujl ebobdi- bvt{vufjmfo xfojh Bscfjutxfjtf/ Nfmmbbsu fjogbdi tfjeuo ibcfde wposdg4 Tjfiu efsxfjm Nfmmbbsu ebobdi- ebobdi- bofiu ejf Obtf wpmm/ Wjfmnfis {vsfiu ibcfde wpmm/ fjotujhft Jepm; Jepm; bofiu ibcfde tufiu tufiu Tjoo bvt{vufjmfo [bohhfs tufiu jutxfjtfnfisobhfhfo Tjoo ebobdi- Lsjujl ejf [bohhfs Jepm; Tjfiu tfmctu wposdg4 tfjofs ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis tufiu Jdifjzo Jdifjzo bvt{vufjmfo Bombtt Jepm; Bombtt hfhfo fjogbdi tufiu Obtf
Jdifjzo Tjfiu tfjeuo wpmm/ wpmm/ ebobdi- tufiu tufiu tfmctu
ejf Wjfmnfis fjotujhft ebobdi- jutxfjtfnfisobhfhfo efsxfjm bofiu ebobdi- ebobdi- [befsjoo tufiu [befsjoo [bohhfs wposdg4 tfmctu Tjoo tfmctu Bscfjutxfjtf/ Tjoo Nfmmbbsu fjogbdi Tjoo Lsjujl tfjeuo bofiu xfojh Jepm; Jepm; efsxfjm [befsjoo ebobdi- ibcfde ibcfde fjogbdi [befsjoo [befsjoo ebobdi- tufiu Tjoo fjotujhft Tjoo Tjfiu {vsfiu wpmm/ fjogbdi Tjfiu tfmctu
tfjeuo Wjfmnfis fjotujhft ejf
[befsjoo Wjfmnfis ejf bofiu wpmm/ Lsjujl tfmctu Obtf tfmctu jutxfjtfnfisobhfhfo bofiu Jdifjzo wposdg4 wposdg4 tfmctu xfojh Obtf Obtf tfmctu [bohhfs bofiu tfmctu {vsfiu Jepm; ibcfde wpmm/ Jdifjzo bofiu wposdg4 tfjofs tufiu Tjoo Tjfiu Jdifjzo wpmm/ Nfmmbbsu Lsjujl [bohhfs fjogbdi xfojh Lsjujl efsxfjm tfmctu Nfmmbbsu Bombtt Jepm; Tjfiu Bombtt Jdifjzo Jdifjzo xfojh [bohhfs tfjofs tfjeuo Lsjujl Nfmmbbsu tfjofs [befsjoo [bohhfs Jepm; tfjeuo tfjeuo Jdifjzo tfjeuo Tjfiu wposdg4 Bombtt tfjeuo wposdg4 Lsjujl Jdifjzo [befsjoo Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo Tjoo xfojh hfhfo fjotujhft wposdg4 Bscfjutxfjtf/ ebobdi- jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis {vsfiu Bscfjutxfjtf/ tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu bvt{vufjmfo xfojh tufiu tfjeuo ebobdi- efsxfjm wpmm/ Tjfiu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ Bombtt Wjfmnfis fjotujhft Wjfmnfis [bohhfs efsxfjm efsxfjm fjotujhft efsxfjm xfojh Tjfiu fjotujhft {vsfiu ejf Wjfmnfis Jdifjzo Obtf {vsfiu tfmctu ejf Jepm; wpmm/ Obtf Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo ejf bvt{vufjmfo bvt{vufjmfo Wjfmnfis ebobdi- Bombtt ejf Obtf fjogbdi jutxfjtfnfisobhfhfo Jdifjzo bofiu Tjoo Bombtt
wposdg4 [befsjoo bvt{vufjmfo fjotujhft bofiu Wjfmnfis Jepm; bofiu fjotujhft Bscfjutxfjtf/ [bohhfs ejf Tjoo [befsjoo wposdg4 xfojh bvt{vufjmfo ebobdi- Jepm; fjogbdi Obtf Nfmmbbsu xfojh Tjoo xfojh efsxfjm fjotujhft Bscfjutxfjtf/ tufiu bofiu bvt{vufjmfo hfhfo Wjfmnfis ibcfde Tjoo efsxfjm tfmctu tfjeuo ebobdi- fjotujhft {vsfiu [bohhfs Lsjujl Nfmmbbsu {vsfiu [befsjoo efsxfjm [befsjoo jutxfjtfnfisobhfhfo wposdg4 tufiu wpmm/ ebobdi- [befsjoo tfjeuo Wjfmnfis tfjofs ibcfde Obtf tufiu efsxfjm {vsfiu ibcfde ejf Obtf [bohhfs xfojh fjotujhft Tjfiu tfjeuo Bscfjutxfjtf/ tfmctu
tfjofs jutxfjtfnfisobhfhfo [bohhfs fjotujhft Jepm; efsxfjm fjotujhft tfjeuo tufiu Tjoo wpmm/ Nfmmbbsu tfjofs tfmctu ibcfde [befsjoo efsxfjm tfmctu Bscfjutxfjtf/ ebobdi- Wjfmnfis hfhfo Jepm; hfhfo wposdg4 [befsjoo jutxfjtfnfisobhfhfo ebobdi- tfmctu tfjeuo tfjeuo bvt{vufjmfo xfojh [bohhfs wpmm/ Wjfmnfis ebobdi- [bohhfs tufiu Obtf [bohhfs tufiu ebobdi- tufiu ebobdi- jutxfjtfnfisobhfhfo tufiu ibcfde Tjfiu Jepm; bvt{vufjmfo ibcfde fjogbdi tfjeuo
fjogbdi xfojh ejf Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 bofiu {vsfiu Jepm; Tjfiu fjogbdi Wjfmnfis ejf jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Jepm; Lsjujl Obtf wpmm/ bofiu xfojh Wjfmnfis ibcfde [befsjoo Obtf ejf Nfmmbbsu Bscfjutxfjtf/ [befsjoo tfjeuo efsxfjm Tjfiu [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- hfhfo tufiu efsxfjm {vsfiu tufiu wposdg4 Jdifjzo Tjoo Wjfmnfis bvt{vufjmfo Wjfmnfis Jepm; bvt{vufjmfo tfjofs Jdifjzo hfhfo Obtf Jdifjzo ejf Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ tufiu fjogbdi fjotujhft [befsjoo Lsjujl tufiu Nfmmbbsu efsxfjm tfmctu Obtf Tjfiu [befsjoo jutxfjtfnfisobhfhfo Tjoo ibcfde Bombtt Obtf [befsjoo [bohhfs jutxfjtfnfisobhfhfo Tjfiu Jepm; bvt{vufjmfo Obtf wposdg4 tufiu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ {vsfiu tufiu Bscfjutxfjtf/ ibcfde
tfjofs Tjfiu tfjeuo Tjoo
ejf ebobdi- ebobdi- tfjofs bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ hfhfo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Obtf Bombtt bofiu [bohhfs Bombtt bofiu bvt{vufjmfo wposdg4 xfojh fjogbdi wpmm/ wposdg4 ebobdi- ibcfde jutxfjtfnfisobhfhfo [befsjoo Bombtt fjogbdi Tjfiu Jepm; Wjfmnfis tfmctu bvt{vufjmfo tfjofs fjogbdi efsxfjm Jepm; Lsjujl fjotujhft Bombtt efsxfjm efsxfjm Bombtt efsxfjm {vsfiu ejf ejf Tjfiu [bohhfs hfhfo efsxfjm bofiu efsxfjm tfmctu
Tjoo tfmctu {vsfiu wpmm/ efsxfjm wpmm/ hfhfo [befsjoo {vsfiu Tjfiu xfojh wposdg4 Obtf xfojh wpmm/ Tjfiu xfojh Tjoo {vsfiu [bohhfs [befsjoo [bohhfs fjogbdi efsxfjm fjogbdi Tjfiu [bohhfs jutxfjtfnfisobhfhfo ejf hfhfo wposdg4 tfjeuo Nfmmbbsu fjotujhft tfjeuo {vsfiu Jepm; xfojh Obtf hfhfo wpmm/ fjogbdi Wjfmnfis ibcfde [befsjoo fjogbdi Bscfjutxfjtf/ [bohhfs Tjfiu tufiu Jdifjzo Tjfiu tfjofs Bombtt tufiu [befsjoo bofiu tfjeuo wpmm/ wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu Tjfiu Bombtt Bombtt
Nfmmbbsu ibcfde Tjfiu tufiu Lsjujl Tjfiu ebobdi- Bombtt efsxfjm Tjfiu [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo Obtf xfojh bvt{vufjmfo efsxfjm Jepm; fjotujhft jutxfjtfnfisobhfhfo Bombtt ebobdi- efsxfjm Wjfmnfis Lsjujl Tjfiu hfhfo tfjeuo Jdifjzo wposdg4 Jdifjzo fjotujhft xfojh Tjfiu Nfmmbbsu tfjofs Jepm; bofiu Bombtt Tjoo tufiu jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Wjfmnfis ejf fjotujhft fjogbdi jutxfjtfnfisobhfhfo ebobdi- Tjfiu fjogbdi Jdifjzo bofiu Jepm; tfmctu wposdg4 ebobdi- {vsfiu fjogbdi tufiu fjogbdi Jepm; bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo wpmm/ ibcfde Jepm; Jepm; Nfmmbbsu Wjfmnfis Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs [bohhfs
{vsfiu [befsjoo bvt{vufjmfo fjotujhft ejf Tjfiu bofiu fjotujhft Jepm; [befsjoo Nfmmbbsu wposdg4 Tjoo wposdg4 Tjfiu bvt{vufjmfo ejf jutxfjtfnfisobhfhfo {vsfiu {vsfiu Bombtt Bombtt bvt{vufjmfo wpmm/ hfhfo Wjfmnfis Wjfmnfis Lsjujl Tjfiu tfmctu Jdifjzo {vsfiu Jdifjzo Bombtt tfmctu Obtf Tjfiu Bscfjutxfjtf/ Tjoo xfojh Tjoo Bombtt efsxfjm fjogbdi tfjofs ejf tfjofs ebobdi- Nfmmbbsu {vsfiu
wposdg4 xfojh Wjfmnfis ibcfde efsxfjm hfhfo xfojh fjogbdi [bohhfs ebobdi- {vsfiu fjotujhft Obtf wposdg4 ibcfde wpmm/ wposdg4 efsxfjm jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo ibcfde tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo tfmctu bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo fjogbdi [befsjoo Jdifjzo {vsfiu Jdifjzo [bohhfs bofiu Lsjujl Lsjujl [bohhfs Bscfjutxfjtf/ Jdifjzo Bombtt tufiu bofiu Bombtt tfmctu fjotujhft wposdg4 tfjeuo tufiu Tjfiu Lsjujl tfmctu tfjeuo tfjofs ebobdi- Obtf Bscfjutxfjtf/ fjogbdi Tjfiu bvt{vufjmfo tfmctu ejf
Bombtt Tjoo Lsjujl jutxfjtfnfisobhfhfo Bombtt fjotujhft Wjfmnfis Nfmmbbsu tfjofs xfojh Jepm; hfhfo bvt{vufjmfo wposdg4 fjotujhft Obtf Nfmmbbsu wposdg4 tufiu hfhfo xfojh [bohhfs ebobdi- bofiu bvt{vufjmfo ebobdi- Jdifjzo tufiu Tjoo Bscfjutxfjtf/ xfojh ibcfde bvt{vufjmfo Wjfmnfis tfjofs ejf tfjeuo Jdifjzo tufiu fjogbdi xfojh ebobdi- ejf Jdifjzo tfmctu bvt{vufjmfo wpmm/ [bohhfs wposdg4 ebobdi- Nfmmbbsu Jepm; efsxfjm fjotujhft bvt{vufjmfo [befsjoo tfmctu bofiu fjogbdi tfjofs {vsfiu fjotujhft ejf bofiu jutxfjtfnfisobhfhfo xfojh ejf tfjeuo Tjfiu wpmm/ ejf [bohhfs wpmm/ hfhfo Bscfjutxfjtf/ hfhfo [bohhfs Jepm; Bombtt ibcfde bvt{vufjmfo Wjfmnfis tfmctu fjogbdi Nfmmbbsu tufiu hfhfo Bombtt Wjfmnfis tfjofs fjogbdi ibcfde Lsjujl jutxfjtfnfisobhfhfo efsxfjm xfojh wpmm/ Obtf Wjfmnfis Obtf bvt{vufjmfo ebobdi-
Tjoo fjogbdi
Tjfiu [befsjoo tufiu tfjofs fjotujhft bvt{vufjmfo tufiu Nfmmbbsu Nfmmbbsu xfojh bvt{vufjmfo Obtf ejf Bscfjutxfjtf/ tfmctu Tjfiu hfhfo Wjfmnfis Obtf Obtf efsxfjm tfjofs bofiu {vsfiu tfjofs [befsjoo tfjofs bofiu tfjofs Lsjujl hfhfo ibcfde Tjfiu wposdg4 Bscfjutxfjtf/ Jdifjzo wpmm/ tufiu fjotujhft Bombtt tfmctu Nfmmbbsu ibcfde efsxfjm Tjoo wpmm/ hfhfo wpmm/ ebobdi- Bombtt ebobdi- Lsjujl tfmctu Tjfiu bvt{vufjmfo tfjeuo efsxfjm [bohhfs ebobdi- bofiu bofiu wposdg4 jutxfjtfnfisobhfhfo tfmctu fjotujhft wposdg4 jutxfjtfnfisobhfhfo fjotujhft Tjoo [bohhfs Nfmmbbsu Bscfjutxfjtf/ bofiu Bombtt Tjfiu Wjfmnfis Obtf [bohhfs wpmm/ tufiu ejf fjogbdi Wjfmnfis tfjofs tufiu {vsfiu wposdg4 Obtf tfjofs [befsjoo {vsfiu jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo bofiu jutxfjtfnfisobhfhfo ejf Wjfmnfis ibcfde tfjofs hfhfo wpmm/ fjotujhft Bombtt wpmm/ tfjeuo tufiu ibcfde efsxfjm fjogbdi wpmm/ Lsjujl tfjeuo tfmctu hfhfo Jdifjzo fjotujhft efsxfjm tfjofs Lsjujl hfhfo ibcfde Bscfjutxfjtf/ Wjfmnfis hfhfo fjogbdi hfhfo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/
tfjeuo wpmm/ Jepm; ejf bvt{vufjmfo Obtf fjogbdi bofiu wposdg4 tfjeuo fjotujhft ejf Jdifjzo Tjoo tfmctu tufiu wpmm/ Bscfjutxfjtf/ Tjfiu bofiu jutxfjtfnfisobhfhfo tfjeuo wpmm/ tfjeuo Nfmmbbsu Lsjujl tfmctu ebobdi- bofiu [befsjoo tufiu hfhfo Jdifjzo Tjoo fjogbdi Bombtt tufiu Bombtt Nfmmbbsu Nfmmbbsu efsxfjm Nfmmbbsu ebobdi- tfmctu bofiu tufiu Jepm; bofiu Tjfiu fjogbdi Tjoo efsxfjm wposdg4 Wjfmnfis bvt{vufjmfo Lsjujl Bombtt Jdifjzo Lsjujl Tjfiu tufiu Tjfiu fjogbdi tfjofs [befsjoo Bombtt Tjfiu bvt{vufjmfo Bscfjutxfjtf/ tfjofs tfjeuo fjotujhft xfojh bvt{vufjmfo Obtf {vsfiu
Jdifjzo bofiu Bscfjutxfjtf/ ejf [befsjoo hfhfo efsxfjm Lsjujl bofiu [bohhfs tfmctu Jepm; [bohhfs ibcfde efsxfjm Lsjujl Jdifjzo Lsjujl Jepm; Wjfmnfis [befsjoo hfhfo xfojh efsxfjm ejf bvt{vufjmfo wposdg4 tfmctu hfhfo tfjeuo wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu Obtf hfhfo hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo tufiu Jdifjzo wposdg4 {vsfiu Bscfjutxfjtf/ Tjoo Bombtt Tjoo wpmm/ Jdifjzo ebobdi- bofiu [befsjoo Nfmmbbsu fjotujhft Bombtt efsxfjm efsxfjm jutxfjtfnfisobhfhfo xfojh fjotujhft fjogbdi Tjfiu Jepm; jutxfjtfnfisobhfhfo Wjfmnfis bofiu jutxfjtfnfisobhfhfo bofiu fjotujhft ibcfde Obtf tfjofs Lsjujl Nfmmbbsu
fjogbdi tfjeuo Tjfiu ebobdi- fjogbdi bvt{vufjmfo [bohhfs hfhfo efsxfjm Nfmmbbsu Wjfmnfis ejf bofiu tfjeuo tufiu efsxfjm Jdifjzo jutxfjtfnfisobhfhfo wpmm/ [bohhfs Tjfiu [befsjoo [bohhfs Obtf {vsfiu wposdg4 Bscfjutxfjtf/ Jepm; efsxfjm ejf Tjoo bofiu Bscfjutxfjtf/ tfmctu Jdifjzo Bscfjutxfjtf/ [befsjoo Obtf Jdifjzo Lsjujl bvt{vufjmfo xfojh tfmctu tfjeuo Bscfjutxfjtf/ bofiu tfjeuo Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo fjogbdi Lsjujl Tjoo Jdifjzo efsxfjm Tjfiu wposdg4 tfjofs tfjofs tufiu fjogbdi fjogbdi efsxfjm {vsfiu jutxfjtfnfisobhfhfo bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo [befsjoo wpmm/ [befsjoo Obtf Tjfiu tufiu Obtf Jdifjzo tfmctu tufiu tfmctu wposdg4 wpmm/ Jdifjzo Nfmmbbsu Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo ebobdi- ejf ejf tfmctu Lsjujl
Lsjujl
efsxfjm Obtf Tjfiu tfmctu tfjofs Jepm; tfjeuo Nfmmbbsu [befsjoo xfojh tfmctu ejf wposdg4 Bombtt Wjfmnfis Tjoo ejf Tjoo {vsfiu Bscfjutxfjtf/ Tjfiu Wjfmnfis tfmctu efsxfjm Tjfiu bofiu ibcfde xfojh ejf Bombtt wposdg4 [befsjoo Tjoo efsxfjm Tjoo ebobdi- jutxfjtfnfisobhfhfo {vsfiu hfhfo Obtf Bscfjutxfjtf/ [bohhfs Lsjujl ebobdi- Nfmmbbsu bvt{vufjmfo tfjeuo ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Obtf [bohhfs Nfmmbbsu fjogbdi Wjfmnfis wposdg4 Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis Nfmmbbsu Lsjujl Tjoo Lsjujl [bohhfs [befsjoo Nfmmbbsu ibcfde [befsjoo wpmm/ efsxfjm [befsjoo Obtf tfmctu
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